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I have a macbook pro 15" and have updated parallels to the latest version. Now, each time I try to run parallels this message appears:

"The amount of video memory is too low.

The 3D acceleration support is enabled for this virtual machine, but the amount of video memory allocated to it is lower than 256 MB. You are highly recommended to increase the amount of video memory for optimal 3D performance."

What should I do? Should I buy more video memory or should I allocate more memory to it? How should I do it? My mac memory is 4GB 1067 MHz DDR3.

I'm not all that familiar with Parallels, however, I believe it's telling you to go back into the "Parallels Tools" options and allocate more video memory. If you haven't installed the Parallels Tools, you need to do that first.